Corporations Amendment (Improving Accountability on Termination Payments) Act 2009 (115 of 2009)

Schedule 1   Amendments

Part 1   Main amendments

Corporations Act 2001

22   After subsection 200E(2)

Insert:

Third condition - for approvals relating to section 200B

(2A) The third condition is that at the general meeting, a vote on the resolution must not be cast (in any capacity) by or on behalf of:

(a) the retiree; or

(b) an associate of the retiree.

(2B) Subsection (2A) does not prevent the casting of a vote if:

(a) it is cast by a person as a proxy appointed by writing that specifies how the proxy is to vote on the resolution; and

(b) it is not cast on behalf of the retiree or an associate of the retiree.

(2C) The regulations may prescribe cases where subsection (2A) does not apply.